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Tesla Inc: Fall in Shares causes $15 Billion Loss for Elon Musk

After an 8.6% slide of the Tesla Inc. shares today, Elon Musk is no longer the world’s richest person. $15.2 billion from his net worth has been wiped out. Over the weekend, Musk had commented that the prices of Bitcoin and smaller rival Ether seem high.

On Sunday afternoon, the popular cryptocurrency broke the $58,000 mark. It slightly fell on Monday to $52,000. On Saturday, Musk tweeted, « BTC & ETH do seem high lol. » This tweet was part of a reply to Peter Schiff’s tweet, chief market strategist for brokerage firm Euro Pacific Capital. His comments on Twitter may have partly fueled Tesla’s decline.

Earlier today, Elon Musk tweeted that the Tesla Model Y Standard Range SUV would be available off the menu. The electric vehicle news site, Electrek, showed that the model had been removed from the online configurator.

On the Bloomberg Billionaires Index of the world’s 500 wealthiest people, Musk drops to second place with $183.4 billion net worth. Even after a fortune fall of $3.7 billion, Jeff Bezos, founder of Amazon Inc., reclaimed the top spot with a net worth of $186.3 billion.

As the value of Tesla fluctuated, these two billionaires have been swapping places all year. Briefly, after his rocket company SpaceX raised $850 million earlier this month, Musk took over Bezos. SpaceX became a $74 billion valued company with the raise, getting a 60% hike from August.

Before January, Bezos occupied the top spot on the list for three straight years. When the e-commerce titan was eclipsed with a 794% rally in the Tesla shares, Elon Musk took the spot.

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